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Germany’s Finance Minister Lars Klingbeil says he wants to force foreign companies to form joint ventures with local businesses to operate within Europe, in a bid to obtain greater scrutiny over cross-border takeovers. The proposals aim to protect German firms in sectors where they “have fallen behind technologically,” according to a finance ministry document. Bloomberg notes the idea would mirror a method already employed in China. “I know these are tough measures and tough demands,” Klingbeil said. “But they are necessary if we are to safeguard technologies and jobs here in Europe.” Klingbeil also called for changes in income tax that he said would deliver several hundred euros a year in relief to 95% of employees. "Anyone who works hard and works ​more will finally have more ​money in their pocket as ⁠a result of this reform," he said, adding that higher earners and wealthy asset holders should shoulder more of the burden. The new proposals also seek the abolition of the current income splitting system for married couples, which lowers ‌taxes ⁠for partners with unequal earnings.

 

Bloomberg

Reuters

The UK government has said Chinese turbine maker Ming Yang’s products pose a national security risk and the company's plans to open the UK's largest wind turbine manufacturing plant in the Highlands of Scotland have been blocked. Ming Yang had proposed to open the facility at Ardersier Port near Nairn. In a statement, the company said it was disappointed by the decision but would continue to "engage constructively" with the UK government. Trade Minister Sir Chris Bryant said the government had to be sure the investment in the port was "safe and secure." Bryant told the BBC's Radio Scotland Breakfast programme the UK had to be "clear eyed" about its relationship with China and challenge it on issues such as human rights.

 

Financial Times

BBC News

Finland has shelved a plan to move its election platform to Amazon Web Services and will keep its electoral system running on existing local servers until after the April 2027 general election. “In the past just over a year, the international political situation has changed and the Justice Ministry decided to review the question on how to host the election platform,” the Justice Ministry explained. Bloomberg notes fraying European trust in the US.

 

Bloomberg

Iran-linked hackers have destroyed the data of over 50 small Israeli companies in the past few weeks and compromised dozens of security cameras, according to Yossi Karadi, the director-general of the Israel National Cyber Directorate. He said most of the targeted companies had existing cybersecurity vulnerabilities, and companies with stronger cybersecurity protections weren’t affected. The near-total internet blackout in Iran has not impacted the pace of attacks. “Some of them are using satellite capabilities, but there are also other ways that they can use to continue doing cyberattacks,” Karadi explained.

 

Bloomberg

The German Chamber of Industry and Commerce, or DIHK, has said that German companies had grown more pessimistic about their business overseas because of trade barriers and growing geopolitical risks even before the commencement of the US-Israeli war on Iran. Volker ​Treier, DIHK head of foreign trade, is urging companies ⁠to find new markets. "Diversification is no longer a strategic option - it is a necessity," Treier said. "Companies ​that broaden their markets become more resilient to political risks."

 

Reuters

Carrefour has said it remains fully committed to its Belgian business, rejecting media reports that it is in talks to sell the unit following interest from private equity firm Aurelius. The retailer said its portfolio review is complete and highlighted improving performance and positive momentum in Belgium, despite recent disposals in other markets, as it continues to focus on its core regions of France, Spain and Brazil.

 

Reuters

Belgian drug company UCB is to invest $2bn to build a drug-making facility in suburban Atlanta. The plant will employ about 330 people upon completion. “This decision reflects our confidence in UCB's long-term growth and our deep-rooted commitment to the United States,” company CEO Jean-Christophe Tellier said.

 

U.S. News

Pony AI and Uber have begun testing driverless cars in Croatia. The companies are preparing for a launch “soon” in the Croatian capital Zagreb with autonomous vehicle startup Verne, which will own and operate a fleet of robotaxis equipped with Pony AI’s self-driving technology. Uber said it plans to work with partners to bring robotaxis to more than 10 markets this year, including Munich and the UK, as part of its goal to be the biggest robotaxi platform. Verne has announced its own ambitions to launch a two-seater robotaxi without a steering wheel in 2026, Bloomberg notes.

 

Bloomberg

Reuters

Jaguar Land Rover has temporarily stopped production on car lines at its Solihull plant in the UK because of a parts issue involving a supplier. The pause will last for about two weeks, a period which includes an already-planned shutdown over Easter. A JLR spokesperson said: "Due to a part supply challenge with a supplier, we are temporarily pausing production on certain vehicle lines at our Solihull manufacturing facility. We are working closely with that supplier to resolve the issue as quickly as possible and minimise any impact on our clients or our operations."

 

Reuters

BBC News

German Economy Minister Katherina Reiche is urging gas companies to secure more LNG contracts to ensure supply amid an energy crunch precipitated by the conflict in the Gulf. Germany is pursuing agreements with Angola, Mexico, Canada and other suppliers worldwide to achieve a diversified portfolio. “The most important lesson from Ukraine and also now from Iran: The Western hemisphere shouldn’t rely on choke points,” she said. Reiche also said the longer the war in the Middle East persists, the more likely it is that energy prices and inflation will continue to rise - and "that will affect the economy."

 

Bloomberg

Banca Monte dei Paschi di Siena’s board of directors has revoked the powers of Luigi Lovaglio, its chief executive, after he sought a new term at ‌the helm of the lender, challenging a decision by the board to rule him out. Lovaglio and the bank's board are in dispute over the CEO's strategy for recently acquired peer ​Mediobanca. A major MPS shareholder is also opposed to Lovaglio's ​push to fully merge the two banks. Lovaglio had been pressured by the board to resign, but he ​will remain as a director until the general meeting on April 15, three people with knowledge of the matter said.

 

Financial Times

Reuters

Snapchat is under investigation by the European Commission amid child protection concerns. Regulators are examining whether the app's age verification systems adequately prevent under-13s from accessing the platform under the Digital Services Act. Snapchat said it is cooperating fully and working to meet required safety standards. The EU said it is also moving forward with an investigation into pornography platforms including PornHub and XVideos.

 

Bloomberg

The Daily Telegraph

The Guardian

Hedge fund Millennium Management is exploring ways to settle employees who don't want to return to Dubai in the Channel Island of Jersey, as some seek tax-favourable alternatives amid Gulf conflict.

 

Financial Times

Canadian Prime Minister Mark Carney has reprimanded Air Canada CEO Michael Rousseau for issuing a video statement in English only following a runway collision at LaGuardia Airport that killed two pilots. Air Canada, as a federal government-regulated entity, is subject to the Official Languages Act, and as such it is required to provide equal services in English and French. Quebec Premier Francois Legault said "if [Rousseau] still doesn't speak French, that's disrespectful to his French-speaking employees and customers" and "he should resign." All that Rousseau said in French when he provided an update on the situation in English was “bonjour” at the beginning and “merci” at the end.

 

Bloomberg